Nasdaq CEO Robert Greifeld: Facebook IPO Settlement Is Exchange’s 'Definitive' Response
Nasdaq CEO Robert Greifeld defended the stock exchange’s plan to compensate firms affected by the technical issues that marred Facebook’s initial public offering during parent company Nasdaq OMX Group’s second-quarter earnings call Wednesday morning.
Nasdaq CEO Robert Greifeld defended the stock exchange’s plan to compensate firms affected by the technical issues that marred Facebook’s initial public offering during parent company Nasdaq OMX Group’s second-quarter earnings call Wednesday morning.
The Wall Street Journal’s Deal Journal blog reported that Greifeld called the compensation plan the exchange announced Monday its “definitive” response, adding that Nasdaq has “substantial legal and factual defenses” to rebut any lawsuits by traders claiming losses from the Facebook IPO.
Greifeld said the settlement proposal was “entirely voluntary on our part,” and he did not expect Nasdaq to suffer any impact in terms of credit ratings, adding that he expected the plan to be approved at some point during the fourth quarter, and saying:
We believe this proposal reflects the hard work that went into it.
WORK SMARTER - LEARN, GROW AND BE INSPIRED.
Subscribe today!
To Read the Full Story Become an Adweek+ Subscriber
Already a member? Sign in